Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0143%/8h= −15.7% APRpaid last 24h +0.039%

Price spread now: dYdX against Kalshi−0.003%7-day average +0.003% · you buy dearer than you sell

Net, funding: paid 7d − costs−$5as in the Funding arb table

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$280.278% of the position

Long on Kalshi Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.224%+$22 on $10k

Price spread, last 7 days+0.024%+$2 · spread now −0.003%, 7d avg +0.003%

Together, before fees+0.249%+$25 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.003%, so right now this pair is about funding alone: −$4 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.224%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXETHPERP	2,750	0.0143	pay 0.0143% / 8h	2h 18m	$7.7M	$674.4M	4.9x
Short	dYdX ETH-USD	2,749.9	0	get 0.0000% / 1h	18m 11s	$10.8M	$42.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX against Kalshi. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee KalshibpFee dYdXbpOrdersPrice spread, now −0.003%Rate

Funding earned: −$30.05
Price spread: −0.003% → +0.003%: −$0.57
Slippage, 4 orders: −$7.82
Fee Kalshi: 5 bp × 2 orders: −$10
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$58.44
Costs to cover: 0.278%
Break-even: never at this rate

Slippage from Kalshi: live order book, 6 min ago; dYdX: live order book, 1 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Kalshi live order book, 6 min ago	0.36 bp	5.4 bp −$5	6.8 bp −$68	10.1 bp −$1,006	16.6 bp −$8,311
Sell dYdX live order book, 1 min ago	3.27 bp	8.3 bp −$8	13.6 bp −$136	18.6 bp −$1,863	32.1 bp −$16.1K

ETH on 54 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl ETH	−0.0112%	43m	2,747.8	−0.081%	$312K	$5.9M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,748.1	−0.069%	$5K	$1K	50x	as long as short
RISEx ETH/USDC	−0.0071%	1h	2,748	−0.072%	$5.7M	$11.4M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0009% / S +0.0043%	1h	2,749.4	−0.020%	$12.2M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,747.2	−0.102%	$848K	$3.1M	25x	as long as short
dYdX ETH-USDshort	0.0000%	1h	2,749.9	−0.003%	$10.8M	$42.1M	50x
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,749.8	−0.009%	$22.2M	—	200x	as long as short
ApeX Omni ETHUSDT	+0.0019%	1h	2,749.4	−0.022%	$8.7M	$31.4M	100x	as long as short
01 Exchange ETHUSD	+0.0024%	1h	2,749	−0.036%	$181K	$1.1M	50x	as long as short
BingX ETH-USDC	+0.0037%	8h	2,747.1	−0.105%	—	$18.5M	—	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0048%	8h	2,747	−0.109%	$1.69B	$10.95B	100x	as long as short
HTX ETH-USDT	+0.0058%	8h	2,747.8	−0.079%	$1.06B	$1.20B	200x	as long as short
Aster ETHUSDT	+0.0069%	8h	2,748.9	−0.042%	$253.2M	$858.7M	200x	as long as short
KuCoin ETHUSDTM	+0.0070%	8h	2,748.7	−0.049%	$372.4M	$610.2M	100x	as long as short
MEXC ETH_USDT	+0.0080%	8h	2,747.4	−0.094%	$1.56B	$2.57B	500x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,746.2	−0.140%	$4.9M	$168K	20x	as long as short
Binance ETHUSDT	+0.0080%	8h	2,748.6	−0.053%	$6.39B	$16.22B	150x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,750	−0.001%	$59.0M	$4.34B	50x	as long as short
Gate ETH_USDT	+0.0092%	8h	2,747.4	−0.095%	$3.39B	$8.92B	200x	as long as short
Bitget ETHUSDT	+0.0095%	8h	2,747.3	−0.100%	$2.08B	$2.84B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,749.4	−0.023%	$113.1M	$443.9M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,750.5	+0.019%	$24.9M	$107.4M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,748	−0.072%	—	$35.6M	500x	as long as short
Aftermath Perps ETHUSD	+0.0096%	1h	2,749.8	−0.006%	$30K	$20K	20x	as long as short
Phemex ETHUSDT	+0.0098%	8h	2,748.7	−0.047%	$267.4M	$66.0M	150x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,754.5	+0.163%	$16.3M	$8.1M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,748.9	−0.040%	$182K	$1.7M	20x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,748	−0.073%	$477K	$2.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,749.6	−0.014%	$14.0M	$112.3M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,749.1	−0.033%	$3.13B	$2.10B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,750.4	+0.014%	$31.7M	$334.3M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,747.4	−0.094%	$2.46B	$4.33B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,747.8	−0.080%	$2.8M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,748.5	−0.054%	$2.8M	$16.5M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,746.9	−0.112%	$15.0M	$41.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,748.7	−0.047%	$133.2M	$345.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,749.6	−0.014%	$181.8M	$704.2M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,752	+0.072%	$160.0M	$83.0M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,748.3	−0.062%	$21.3M	$68.4M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,749.2	−0.029%	—	$869K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,748.9	−0.040%	$10.7M	$8.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,749.2	−0.029%	$21K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,750.6	+0.023%	$41.8M	$29.5M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,748.8	−0.043%	$964K	$12.3M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,749	−0.036%	$54.7M	$187.7M	40x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,751.8	+0.065%	$165.7M	$300.7M	25x	as long as short
Extended ETH-USD	+0.0104%	1h	2,748.3	−0.062%	$30.5M	$73.5M	50x	as long as short
Kalshi KXETHPERPlong	+0.0143%	8h	2,750	long leg	$7.7M	$674.4M	4.9x
Deribit ETH-PERPETUAL	+0.0150%	1h	2,750.4	+0.015%	$258.5M	$199.8M	50x	as long as short
Orderly PERP_ETH_USDC	+0.0173%	8h	2,751.2	+0.042%	$32.3M	$11.2M	100x	as long as short
Hibachi ETH/USDT-P	+0.0208%	1h	2,748.2	−0.066%	$250K	$1.5M	20x	as long as short
Injective ETH/USDC PERP	+0.0209%	1h	2,746.3	−0.135%	$118K	$22.5M	52x	as long as short
Reya ETHRUSDPERP	+0.0221%	1h	2,748.2	−0.067%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0354%	1h	2,749.9	−0.004%	$89.2M	$317.0M	100x	as long as short